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2159
H. No. 3984
[ REpUBLIC ACT
No.
10641 1
i~
hereby
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"(il) For Foreign Bank Branches - Foreign
banks that shall be authorized to establish branches
pursuant to Section 2(ili) of this Act shall permanently
assign capital of an amount not less than the
minimum capital required for domestic banks of the
same category. The permanently assigned capItal
shall be inwardly remitted and converted into
Philippine currency.
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"SEC. 9. Participation in Foreclbsure
Proceedings.
Foreign banks which are auth~rized
to do banking business in the Philippines through any
of the modes of entry under Section 2 hereof shall be
allowed to bid and take part in foreclosure sales of
real property mortgaged to them, as well as to avail
of enforcement and other proceedings, and accordingly
take possession of the mortgaged property, for a period
not exceeding five (5) years from actual possession:
Provided, That in no event shall title to the pr6perty
be transferred to such foreign bank. In cas~ said
bank is the winning bidder, it shall, during the said
five (5)-year period, transfer its rights to a qu~lified
Philippine national, without prejudice to a borr6wer's
rights under applicable laws. Should the bank fail to
transfer such property within the five (5)-year period,
it shall be penalized one half (1/2) of one percent (1%)
per annum of the price at which the property was
foreclosed until it is able to transfer the property to
a qualified Philippine national."
'j
SEC. 7. Transitory Provisions. - Foreign banks ~hich are
already authorized to do banking business in the PJiilippines
through any of the modes of entry under Section 2 hereof may
apply to change their original mode of entry.
Foreign banks operating through branches in the
Philippines upon the effectivity of this Act shall retain their
original privilege upon entry to establish a limited n~mber of
sub-branches. However, the previous restrictioI\ on the
locations of such additional branches is hereby lifte,d.
i
i~
hereby
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proVIsions of Republic Act No. 8791, otherwise known
as 'The General Banking Law of 2000', insofar as they
are applicable and not in conflict with any provision
of this Act, shall apply to banks authorized pursuant
to this Act."
SEC. 9. Section 13 of Republic Act No. 7721
amended to read as follows:
IS
hereby
Approved,
~t:II/ ~
\.{Et;CIAN~~
Speaker af the Hause
af Representatives
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This Act which is a consolidation of Senate Bill'No.2159
and House Bill No. 3984 was finally passed by t~e Senate
and the House of Representatives on June 11, !l014 and
June 10, 2014, respectively.
l. .. ... f;;-B1R~Y
%-"':k/
AP
MARILYN
Secretary General
House ofRepresentatives
Approved:
~s
Secretary of the Senate
JUL 1
BENIG~O
President of
III